Wood exports endure decline for second consecutive month
VOV.VN - The export value of Vietnamese timber and wood products in July stood at an estimated US$1.41 billion, marking a drop of 1.6% from the same period in 2021, and a second consecutive month of decrease this year.
In June, timber and wood product exports were valued at US$1.4 billion, falling by 11% compared to the same month last year.
During the initial seven months of this year, the export value of timber and wood products surged by 1.3% on-year to US$10.42 billion.
Vietnam exports wooden furniture products to approximately 120 countries and territories worldwide.
The United States, China, Japan, the Republic of Korea, and the EU are among the five largest importers of Vietnamese timber and wooden products. Vietnam’s export value to these five markets throughout the reviewed period stands at US$9.38 billion, making up 90% of the total export value of Vietnamese timber and wood products.
The US is the largest buyer as its market makes up 60% of the overall export value of Vietnamese timber and wood items. In July, the US imported US$5.84 billion worth of wood products from Vietnam, down by 4.9% against the same period from 2021.
High inflation in the US has led to purchasers there to tighten their spending, a change which has created a significant impact on exports of Vietnamese wood products.
Vietnamese firms have begun to endure signs of a lack of orders from the US market, while some other big markets, such as the EU and the Republic of Korea, have also started considering orders due to rising inflation.